Market research, community consultation and good planning are the cornerstones of any new market.
Setting up a market requires time and commitment. It may even, depending on your aspirations; also require small or large amounts of funding.
With these factors taken into consideration, market research is an essential part of the process right from the outset and you will need to consider the following:
What are your aims and objectives?
Is there a need for a market in your area?
What kind of market do you want?
What do you need to look out for and what must you do to get your market off the ground?
What is your market going to look like and how is it going to be run?
What are the costs and what is your timescale?
What are the logistics of running your market?
Who is going to do it all?
How do you know if it is working or not?
Whilst this Toolkit cannot offer an exhaustive list of all the above and other issues not highlighted above, we are going to take you through the basics. Many of the answers will be met by writing a business plan, which will also help your group and the wider community develop your ideas further.
The business plan will need to cover your initial setting up arrangements and projections for the first year and possibly beyond. If you are looking to secure funding you will need a credible business plan for at least the first three years of operation.